GBP/USD Signals Update
Yesterday’s signals were not triggered and expired.
Today’s GBP/USD Signals
Risk 0.75% per trade.
Trades may only be taken between 8am and 5pm London time today.
Short Trade 1
Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.5451.
Place the stop loss 1 pip above the local swing high.
Move the stop loss to break even once the trade is 30 pips in profit.
Take off 50% of the position as profit when the price reaches 1.5360 and leave the remainder of the position to run.
Short Trade 2
Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of the bearish trend line currently sitting at around 1.5480.
Place the stop loss 1 pip above the local swing high.
Move the stop loss to break even once the trade is 30 pips in profit.
Take off 50% of the position as profit when the price reaches 1.5380 and leave the remainder of the position to run.
GBP/USD Analysis
It is not a surprise that this pair continues to fall, albeit slowly, as it made a new three month low last week and broke a key long-term supportive trend line. Additionally, there has not been much support below the price, with a big gap in key levels stretching all the way down to 1.5164. All other things being equal, it looks most likely that the downwards move will continue, especially if the USD economic data due out later today is more positive than the market is expecting.
Regarding the GBP, there will be a release of Construction PMI data at 9:30am London time. Concerning the USD, there is be a release of ADP Non-Farm Employment Change data due at 1:15pm.